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on Innovation |
| By: | Régibeau, Pierre; Rockett, Katharine |
| Abstract: | Innovative activities often are heavily regulated. Reviews conducted by administrative agencies take time and are not perfectly accurate. Of particular concern is whether, by design or not, such agencies discriminate against more important innovations by taking more time to perform their reviews. We study the relationship between the length of patent review and the importance of inventions in a theoretical model. We build a simple model of the US patent review process. The model predicts that, controlling for a patent's position in the new technology cycle, more important innovations would (and should) be approved more quickly. Also, the approval delay is likely to decrease as an industry moves from the early stages of an innovation cycle to later stages. These predictions are in line with the evidence we obtain from a data set of US patents granted in the field of genetically modified crops from 1983 to 1999. Our analysis also helps to reconcile the results on the relationship between importance and delay found in previous studies. |
| Keywords: | genetic modification; innovation; patent policy; regulation |
| JEL: | L43 O31 O32 O33 O34 O38 |
| Date: | 2007–03 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:6178&r=ino |
| By: | Jan-Peter Voß (Öko-Institut, Berlin, and Institute for Governance Studies, University of Twente) |
| Keywords: | governance, emissions trading, policy technology |
| JEL: | O3 Q58 |
| Date: | 2007–03–09 |
| URL: | http://d.repec.org/n?u=RePEc:sru:ssewps:158&r=ino |
| By: | Hagedoorn, John (UNU-MERIT and University of Maastricht); Lorenz-Orlean, Stefanie (University of Maastricht); Kranenburg, Hans (Radboud University Nijmegen) |
| Abstract: | When companies decide to engage in technology transfer through licensing to other firms, they have two basic options: to use standard licensing contracts or to set-up more elaborate partnership-embedded licensing agreements. We find that broader partnership-embedded licensing agreements are preferred with higher levels of technological sophistication of industries, with greater perceived effectiveness of secrecy as a means of appropriability, and when licensors are smaller than their licensees. Innovative differentials between companies, innovative supremacy of the licensor, and market and technological overlap between partners appear to have no effect on the preference for a particular form of licensing. |
| Keywords: | technology transfer, licensing, inter-firm partnership, innovation |
| JEL: | O31 O34 D74 |
| Date: | 2007 |
| URL: | http://d.repec.org/n?u=RePEc:dgr:unumer:2007006&r=ino |
| By: | Giovanni Favero |
| Abstract: | This paper focuses on the innovation system in the Benetton case: on the one hand, it puts in evidence the ability of the company in exploiting institutional conditions in order to develop a network organisation and a series of coordinated innovations; on the other hand, it investigates on the characteristics of the circulation of innovation among Benetton suppliers and distributors. The paper was presented at the conference Les systèmes d’innovations: multiplicité des échelles, diversité des espaces, Bordeaux, Maison de Sciences de l’Homme d’Aquitaine, November 16-17, 2006. |
| Keywords: | Innovation, network firm, industrial policies. |
| JEL: | N84 N44 N64 |
| URL: | http://d.repec.org/n?u=RePEc:ven:wpaper:01_07&r=ino |
| By: | Manuel, Eduardo |
| Abstract: | Since the process of globalization era, we can always lived in economics of knowledge. The cicle of economics founded on knowledge are compost by three components: the investment in knowledge; the production and the diffusion of information technology and communication (ITC) and the institutional mechanisms that favor the access to knowledge (Foray, 2004). By fact the economics are divided in Micro and Macroeconomics, this work has as objective to approach theme “Microeconomics of Knowledge” based on African case. We concluded that, in general analysis, South Africa and Tunisia are the countries of the selected with better performance in microeconomics of knowledge, and Angola, Chad and Ethiopia are poor countries in this area of knowledge. High rates of adult alphabetization can stimulate companies and firms to employ skilled personal according to their necessities and this personal can and it is ready to work with advanced technology and to effect R&D for development of their activities. |
| Keywords: | Economic of Knowledge; Macroeconomics; Microeconomics; Microeconomics of Knowledge |
| JEL: | M19 D89 O12 L29 O32 D29 |
| Date: | 2006–05–15 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:2137&r=ino |
| By: | Schneider, Cédric |
| Abstract: | This paper studies the behaviour of firms facing the decision to create a patent fence, defined as a portfolio of substitute patents. We set up a patent race model, where firms can decide either to patent their inventions, or to rely on secrecy. It is shown that firms build patent fences, when the duopoly profits net of R&D costs are positive. We also demonstrate that in this context, a firm will rely on secrecy when the speed of discovery of the subsequent invention is high compared to the competitors. Furthermore, we compare the model under the First-to-Invent and First-to-File legal rules. Finally, we analyze the welfare implications of patent fence |
| JEL: | L10 O34 |
| Date: | 2005–12–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:2087&r=ino |
| By: | Rijsdijk, S.A.; Hultink, E.J. (Erasmus Research Institute of Management (ERIM), RSM Erasmus University) |
| Abstract: | This manuscript investigates consumer responses to new smart products. Due to the application of information technology, smart products are able to collect, process and produce information, and can be described to ?think? for themselves. In this study, consumers respond to smart products that are characterized by two different combinations of smartness dimensions. One group of products shows the smartness dimensions of autonomy, adaptability and reactivity. Another group of smart products are multifunctional and can cooperate with other products. We measure consumer responses to these smart products in terms of the innovation attributes of relative advantage, compatibility, observability, complexity and perceived risk. A study among 184 consumers shows that products with higher levels of smartness are perceived to have both advantages and disadvantages. Higher levels of product smartness are mainly associated with higher levels of observability and perceived risk. The effects of product smartness on relative advantage, compatibility and complexity vary across product smartness dimensions and across product categories. For example, higher levels of product autonomy are perceived as increasingly advantageous while a high level of multifunctionality is perceived disadvantageous. The paper discusses the advantages and pitfalls for each of the five product smartness dimensions and their implications for new product development (NPD). The manuscript concludes with a discussion of the limitations of the study and it provides suggestions for further research. |
| Keywords: | Smart Products;Intelligent Products;Adoption;Consumer Evaluations;New Product Development; |
| Date: | 2007–01–22 |
| URL: | http://d.repec.org/n?u=RePEc:dgr:eureri:30009607&r=ino |
| By: | Julia Hirsch (Universidad Iberoamerica and CFS) |
| Abstract: | The effects of public policy programs which aim at internalizing spill-overs due to successful innovation are analyzed in a sequential double-sided moral hazard doublesided adverse selection framework. The central focus lies in analyzing their impact on contract design. We show that in our framework only ex post grants are a robust instrument for implementing the first-best situation, whereas the success of guarantee programs, ex ante grants and some types of investment grants depends strongly on the characteristics of the project: in certain cases they not only give no further incentives but even destroy contract mechanisms and so worsen the outcome. |
| Keywords: | Public Policy, Contract Design, Venture Capital, Moral Hazard, Asymmetric Information |
| JEL: | D82 G24 G32 H25 H81 |
| Date: | 2006–12–08 |
| URL: | http://d.repec.org/n?u=RePEc:cfs:cfswop:wp200629&r=ino |
| By: | Bernard Paulré (MATISSE - Modélisation Appliquée, Trajectoires Institutionnelles et Stratégies Socio-Économiques - [CNRS : UMR8595] - [Université Panthéon-Sorbonne - Paris I]) |
| Abstract: | L'apparition et le développement d'un système de capital-risque soulèvent naturellement la question de la place ou de l'attitude des grandes entreprises vis-à-vis de celui-ci. Logiquement, et pour raisonner simplement, on peut considérer que les activités de ce système sont peu appréciées et potentiellement menaçantes pour les grandes entreprises en place. C'est le point de vue que nous conduit à avoir la thèse du premier Schumpeter. <br /><br />Mais le second Schumpeter, celui de Capitalisme, Socialisme et Démocratie, c'est-à-dire celui qui souligne les avantages et les limites de la R&D dans les grandes entreprises, peut nous amener à un point de vue opposé en observant que l'évolution du système exige et rend nécessaire un soutien fort à la création de start up.<br /><br />En fait, la réalité pourrait se situer entre ces deux points de vue. Nous estimons pouvoir plaider en faveur d'une troisième thèse qui pose un principe de complémentarité entre les grandes entreprises et un système de capital-risque. C'est ce que nous tentons d'argumenter ici en mettant en évidence la place et le rôle des grandes entreprises dans le capital-risque aux Etats-Unis. Nous examinons deux phénomènes ou manifestations du rôle que jouent les grandes entreprises dans le capital-risque aux Etats-Unis : le premier concerne les “ sorties ” (exits); l'autre les investissements en capital-risque des grandes entreprises (Corporate venture). |
| Keywords: | capital-risque ; innovation ; Schumpeter ; sorties ; grandes entreprises ; start up ; |
| Date: | 2007–03–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:papers:halshs-00135487_v1&r=ino |
| By: | Francisco Marmolejo; Reynold Gonzalez; Nils Gersberg; Suvi Nenonen; Pablo Campos Calvo-Sotelo |
| Abstract: | Issues that will shape the future of higher education institutions and new trends in campus architecture were the themes of a recent international seminar. Francisco Marmolejo, former consultant to the Organisation for Economic Co-operation and Development (OECD), presents here an overview of the seminar, explaining changes taking place in the area of higher education facilities and providing participants’ views. Presentations from three countries are also described below: Mexico’s Monterrey International Knowledge City; the higher education learning environment and the Finnish technology hub of Otaniemi; and, in Spain, the University of Salamanca’s R&D&I Building. |
| Keywords: | facilities management, PISA, university management, campus architecture, higher education institution |
| Date: | 2007–03 |
| URL: | http://d.repec.org/n?u=RePEc:oec:eduaaa:2007/1-en&r=ino |
| By: | Francisco Marmolejo; Reynold Gonzalez; Nils Gersberg; Suvi Nenonen; Pablo Campos Calvo-Sotelo |
| Abstract: | Les enjeux qui détermineront l’avenir des établissements d’enseignement supérieur et les nouvelles tendances dans l’architecture des campus ont fait l’objet d’un récent séminaire international. Francisco Marmolejo, ancien consultant auprès de l’Organisation de Coopération et de Développement Économiques (OCDE), dresse ici une vue d’ensemble du séminaire, faisant état des changements survenus dans le domaine de l’équipement de l’enseignement supérieur et exposant les opinions des divers participants. Des présentations de trois pays fi gurent également ci-après, avec pour thèmes : Monterrey, Cité internationale du savoir au Mexique ; l’environnement d’apprentissage dans l’enseignement supérieur et le carrefour de technologie d’Otaniemi, en Finlande ; et enfi n, le bâtiment de R&D&I de l’Université de Salamanque, en Espagne. |
| Keywords: | gestion des installations, PISA, gestion des universités, architecture des campus, établissement d'enseignement supérieur |
| Date: | 2007–03 |
| URL: | http://d.repec.org/n?u=RePEc:oec:eduaaa:2007/1-fr&r=ino |
| By: | Minniti, Antonio |
| Abstract: | Multi-product firms dominate production activity in the global economy. There is widespread evidence showing that large corporations improve their efficiency by increasing the scale of their operations; this objective can be realized either by consistently investing in R&D or by expanding the product range. In this paper, we explore the implications of this fact by embedding multi-product firms in a General Equilibrium model of endogenous growth. We analyze an economy with oligopolistic firms that carry out in-house R&D programs in order to achieve cost-reducing innovations. Market structure is endogenous in the model and is jointly determined by the number of firms and the number of product varieties per firm. Both economies of scope and scale characterize the economic environment. We show that the market equilibrium involves too many firms (too much inter-firm diversity) and too few products per firm (too little intra-firm diversity); moreover, we find out that the total number of products and productivity growth are inefficiently low under laissez-faire. The nature of these distortions is discussed in detail. |
| Keywords: | imperfect competition; multi-product firms; endogenous growth; R&D |
| JEL: | E0 O31 O3 |
| Date: | 2006 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:2097&r=ino |
| By: | Mideksa, Torben |
| Abstract: | A previous result by Kemnitz (2001) based on AK type endogenous growth model implied that the gains from immigration depends up on the percapita possession of capital stock by immigrant relative to that of the natives’. However, such a framework ignores the incentive labor creates for innovation and productivity. By using framework of horizontal innovation of Romer (1991), it is shown that immigration entails Pareto improvement even when immigrants posses no physical capital in contrast to the result in the literature. |
| Keywords: | Immigration Policy; Endogenous growth; Technical change |
| JEL: | O41 F22 O31 N30 |
| Date: | 2007 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:2167&r=ino |
| By: | Malte Schwoon (Statkraft, Duesseldorf) |
| Abstract: | Fuel cell vehicles (FCVs) running on hydrogen do not cause local air pollution. Depending on the energy sources used to produce the hydrogen they may also reduce greenhouse gases in the long-term. Besides problems related to the necessary investments into hydrogen infrastructure, there is a general notion that current fuel cells costs are too high to be competitive with conventional engines, creating an insurmountable barrier to introduction. But given historical evidence from many other technologies it is highly likely that learning by doing (LBD) would lead to substantial cost reductions. In this study we implement potential cost reductions from LBD into an existing agent based model that captures the main dynamics of the introduction of the new technology together with hydrogen infrastructure build up. Assumptions about the learning rate turn out to have a critical impact on the projected diffusion of the FCVs. Moreover, LBD could imply a substantial first mover advantage. We also address the impact of learning spillovers between producers and find that a government might face a policy trade off between fostering diffusion by facilitating learning spillovers and protecting the relative advantage of a national technological leader. |
| Keywords: | Fuel cell vehicles, Hydrogen, Learning by doing, Agent based modeling |
| JEL: | O33 D11 D21 |
| Date: | 2006–06 |
| URL: | http://d.repec.org/n?u=RePEc:sgc:wpaper:112&r=ino |
| By: | Malte Schwoon (Statkraft, Duesseldorf) |
| Abstract: | An important barrier towards the introduction of fuel cell vehicles (FCVs) running on hydrogen is the lack of widespread refueling infrastructure. The niche of buses for public transport, taxis and deliverers with a local application area might not be large enough to generate the reductions of FCV costs that are necessary for a general technology switch. Thus, fuel availability at trunk roads probably plays a crucial role in generating demand for FCVs also from private consumers. In this paper we assume that consumers are more likely to consider buying a FCV the more frequently they are exposed to hydrogen refueling opportunities on long distant trips. We introduce a tool to test different small scale initial distributions of hydrogen outlets within the German trunk road system for their potential success to generate a large scale adoption of FCVs. The tool makes use of agent based trip modeling and Geographic Information System (GIS) supported spatial modeling. We demonstrate its potentials by testing a ring shaped distribution of hydrogen outlets at highway filling stations. We find that the structure of an optimized initial distribution of filling stations depends on what drivers consider a sufficiently small distance between refueling opportunities. |
| Keywords: | Agent based modeling, Alternative fueled vehicles, Hydrogen, Fuel Cells |
| JEL: | O33 D11 D21 |
| Date: | 2006–06 |
| URL: | http://d.repec.org/n?u=RePEc:sgc:wpaper:110&r=ino |
| By: | Malte Schwoon (Statkraft, Duesseldorf); Floortje Alkemade; Koen Frenken; Marko P. Hekkert |
| Abstract: | Well to wheel (WTW) analyses mainly focus on alternative road fuel/vehicle systems that are very different from the current crude oil based individual transport system. A large share of WTW chains evaluated require changes in the energy source, new fuel production facilities, different fuel distribution systems and also modifications of the vehicles. An immediate transition to such a new system would be an unprecedented technological discontinuity. Historical examples of successful technological changes are characterized by stepwise transitions of subsystems. In this paper, we present a model that identifies likely sequences of stepwise transitions in analogy to the fitness landscape model in evolutionary biology. Applying this methodology allows for a dynamic interpretation of otherwise static WTW information. We show that sequences of transitions are path dependent, so that current decisions predetermine the future WTW system. We, therefore, argue that flexible initial transition steps that allow for different transition paths later on are favorable. Results suggest that improvements of vehicle technologies are most flexible if decision makers focus on decreasing WTW energy requirements. A full transition to diesel, as a first step, is advisable if WTW greenhouse gases should be reduced. |
| Keywords: | Alternative fuels, Hydrogen, Lock-in, Fitness-landscape |
| JEL: | B52 L92 O33 Q42 |
| Date: | 2006–08 |
| URL: | http://d.repec.org/n?u=RePEc:sgc:wpaper:114&r=ino |
| By: | Pau, L-F.; Motiwalla, J. (Erasmus Research Institute of Management (ERIM), RSM Erasmus University) |
| Abstract: | Wireless penetration and the Indian economy have grown significantly over the past few years, but how robust and sustainable is the adoption of wireless services and products? Several papers have discussed India as a wireless service and product market, and sometimes tried to assess quantitative attributes thereof. The present paper aims instead at looking, from a management point of view, at the unique underlying evolution processes, bottlenecks and risks. On specific facets, a comparison is given to adoption indicators in other key markets such as China. For example, just to illustrate highlights of these unique attributes , it is indeed surprising that such a major economy with its very large population has not yet achieved the wireless service usage and mobile terminal penetration ratios of neither an early European adopter ,nor of a recent large scale adopter like China or Russia . India has also been characterised by a surprising regulatory development process quite different from many other contexts, both in terms of its both centralised and regional structure, of very low tariffs providing almost no ROI to investors in a stable situation, and of absence of neutrality across communications technologies. At the same time, a very large fraction of the population has not , for affordability and regional coverage reasons, been able to get the access opportunities of more developed regions , leading to a distribution unbalance which is also a significant opportunity .Also , the wireless service and product adoption pattern in India , specific to communicating services , has so far been in rather sharp contrast with the widely known software and outsourcing services industry evolutions in that country . Therefore it is important to compare the most relevant known wireless service and product adoption theories, to establish from facts whether they apply in the Indian context, and, if not, suggest new or mixed theories able to explain all such facts and cast some light into its likely future structural evolution. It is of high relevance in management to validate if indeed established models apply or not in a significant case like India, just as it is also of high relevance for the main stakeholders to identify methodology able to support their analyses. The paper first provides background information on wireless, fixed, and other operators, on wireless penetration, on telecommunications infrastructure and investments, and on Indian human capital. Thereafter is analyzed in detail the relevance, or not, of five traditional technology adoption models across the Indian user base: the absorption business model, the perceived benefits business model, consumer attitudes, the globalisation business model, and finally the brand management business model. These first analyses are followed by the identification and detailed analysis of five other business models or structural processes, some rather unique to India: the two-tier migration model, large scale imported adoption without a telecommunications infrastructure & terminals industry, unstable adoption with lack of consistent public policies, knowledge sharing and productivity enhancement adoption model, and finally late foreign capital investments into a large emerging market. From the comparison of facts and background data , with these ten wireless service and product adoption models , the paper establishes which are not relevant, and which are too some degree . Furthermore the relevant business models are shown to share, further attributes of sustainability (or not) and dynamic behaviour. This allows concluding that India has had an overall quite fragile adoption and deployment path with growing tensions such as coverage, quality of service and affordability disparities. The model comparison also allows to diagnose the key three structural measures needed to reach a sustainable equilibrium from the business, economic and social points of view. |
| Keywords: | India;Mobile communications;Manufacturing;Economic development;Business models;Adoption;Wireless;Infrastructure;Mobile terminals;; |
| Date: | 2007–02–17 |
| URL: | http://d.repec.org/n?u=RePEc:dgr:eureri:30009939&r=ino |
| By: | Jan Kranich (Institute of Economics, University of Lüneburg) |
| Abstract: | Nach einer mehrjährigen Konsolidierungsphase konnte die deutsche Biotechnologiebranche zunehmend Marktanteile im internationalen Wettberwerb gewinnen. Derzeitig werden zwei Entwicklungen innerhalb der Branche intensiv diskutiert: die Osterweiterung der Europäischen Union und die zunehmende wirtschaftlich-technologische Bedeutung der Schwellenländer, allen voran Indien und China. Hierbei sind folgende Fragestellungen von besonderem Interesse: Ist mit der einer Verstärkung des internationalen Branchenwettbewerbs zu rechnen? Wie positioniert sich Deutschland? Welche Rollen spielen Absatz-, Forschungs- und Produktionsbedingungen in dern Erweiterungs- und Schwellenländern? Welche Implikationen folgen für dor deutsche Technologie- und Standortpolitik? Die vorliegende Arbeit fast die Ergebnisse einer Unternehmensbefragung zusammen, die durch die Abteilung Innovation und Wachstum im Frühjahr 2006 durchgeführt wurde. |
| Keywords: | Biotechnology, Internationalization, technology Policy |
| JEL: | F14 F23 O23 |
| Date: | 2007–03 |
| URL: | http://d.repec.org/n?u=RePEc:lue:wpaper:45&r=ino |
| By: | David Birchall (Henley Management College - [Henley Management College]); Jean-Jacques Chanarron (GATE - Groupe d'analyse et de théorie économique - [CNRS : UMR5824] - [Université Lumière - Lyon II] - [Ecole Normale Supérieure Lettres et Sciences Humaines], EMSI - Ecole de Management des Systèmes d'Information - [Ecole de Management de Grenoble]); Josiena Gotzsch (EMSI - Ecole de Management des Systèmes d'Information - [Ecole de Management de Grenoble]) |
| Abstract: | Creating outstanding products is vital for a company's endurance in competitive markets. A mix of functionality, ergonomics, aesthetics, symbols and price aspects all play a role in making a product desirable.<br />Some products carry a personal meaning for its user. Others communicate its user's identity or the company's brand image. This study concentrates on communicative and meaningful aspects in a product's design. It examines how the creation of a communicative design occurs during the new product development process. The present research has an exploratory nature. For the field research, the case study method was chosen and a guideline for semi-directed interviews developed. This interview guideline was used to analyse multiple product development projects in two distinct companies. In two projects, specific attention was given to communicative aspects in the product‘s design. These two projects are examined in this paper.<br /><br />In the two selected projects, the product development teams carefully studied the users' preferences for aesthetics and product messages. A user-centred approach was used in both development processes. The choice to purposely improve the communicative value of the product's design was on the one hand influenced by the limited possibilities to create other advantages, such as improving the product's functionality or reducing its cost price. A weakness in the competitor's design strategy allowed the successful improvement of the product's communication on the other hand. |
| Keywords: | User-centred Product ; Design Management Process ; New Product Development Process ; Development Product Expression ; Product Meaning ; Product Language ; Product Value |
| Date: | 2007–03–08 |
| URL: | http://d.repec.org/n?u=RePEc:hal:papers:halshs-00135751_v1&r=ino |
| By: | Manuel, Eduardo |
| Abstract: | This paper has as objective to refer the theme “e-Entrepreneurship” having as reference companies of the United States that operate only on internet. We concluded that by fact we are on knowledge era, they and those that it wants to be e-entrepreneur need to work a lot, because, online business will be always exigent when these companies are in different virtual places and where is having different customers, suppliers and rivals companies. |
| Keywords: | Entrepreneurs; Entrepreneurship; e-Entrepreneurship |
| JEL: | M13 M19 |
| Date: | 2006–10–27 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:2237&r=ino |
| By: | Hagedoorn John; Letterie Wilko; Palm Franz (METEOR) |
| Abstract: | A firm sets up a network of information generating alliances to reduce technological uncertainty. This alliance group creates both advantages associated with similarity of existing partners and limitations due to restricted choice of new partners. Our model analyses the conditions (technological uncertainty, information overlap, alliance search costs, and the number of previous alliances) under which a firm opts for an embedded tie within an existing network or an unembedded tie with a new partner. |
| Keywords: | Strategy; |
| Date: | 2007 |
| URL: | http://d.repec.org/n?u=RePEc:dgr:umamet:2007004&r=ino |
| By: | Bernard Paulré (MATISSE - Modélisation Appliquée, Trajectoires Institutionnelles et Stratégies Socio-Économiques - [CNRS : UMR8595] - [Université Panthéon-Sorbonne - Paris I]) |
| Abstract: | Sur une période longue de trente années, l'évolution du capital-risque aux Etats-Unis est caractérisée par une montée en puissance progressive marquée par quelques cycles mineurs et débouchant sur un cycle d'une amplitude relative considérable entre 1995 et 2001. A partir des données primaires tirées de la base de données Venture Expert et de traitements originaux, nous apportons des éléments d'information quantifiés sur l'évolution du système de capital-risque aux Etats-Unis et, notamment, sur certains aspects de sa structure : place de l'intervention des groupes, types de fonds, places relatives du capital-risque et du capital-transmission, structure sectorielle des investissements, délais séparant les différents tours de table, nature et caractéristiques des sorties etc.<br /><br />Un certain nombre de règles et de normes ont joué un rôle important dans le franchissement d'étapes significatives du développement du système de capital-risque. Des événements exogènes également (taxation des gains en capitaux, règles prudentielles des Fonds de pension notamment). Ces éléments ont eu vraisemblablement un rôle plus important que l'évolution conjoncturelle. C'est parce que le système était en place et “ bien structuré ” dès le début des années quatre-vingt qu'il a pu occuper la place qui a été la sienne durant les années quatre-vingt dix. Dans une perspective dynamique et historique nous fournissons les éléments permettant de justifier la thèse selon laquelle le système capital-risque est un système dont l'émergence traduit un phénomène d'auto-organisation.<br /><br />Dans cette étude nous mettons à mal l'image banale du capital-risque présenté comme réservé au financement de sociétés très jeunes ou en cours de création dans des secteurs de pointe. Nous approfondissons également sa dimension industrielle. Nous mettons en évidence les trajectoires de certains secteurs et soulignons les enchaînements de cycles technologiques qui caractérisent la dynamique de longue période du système. La répartition des investissements en capital-risque entre secteurs de haute technologie les autres secteurs est également approfondie.<br /><br />L'étude comprend trois chapitres. Dans le premier nous rendons compte de la structure du système à partir de certains ratios et de l'évolution de quelques grandeurs agrégées. Nous analysons plus particulièrement les caractéristiques de l'activité des acteurs du système : les investisseurs, les Fonds, les sociétés de capital-risque et les compagnies bénéficiaires. Nous insistons sur les difficultés méthodologiques d'appréciation de ces caractéristiques. Dans le second chapitre nous mettons en perspective le fonctionnement du système de capital-risque en soulignant son rôle comme système de gestion de l'incertitude. Nous approfondissons certains aspects de son fonctionnement qui illustrent cette dimension ainsi que les interfaces entre ce système et la sphère industrielle. Nous soulignons la montée en puissance des sorties par acquisition alors que l'on évoque le plus souvent les sorties par introduction en bourse. Nous fournissons quelques arguments statistiques tendant à montrer que le comportement des groupes industriels, lorsqu'ils investissent en capital-risque, est analogue à celui des Fonds privés indépendants. Dans le troisième et dernier chapitre, nous abordons le système de capital-risque sous l'angle de la dynamique longue et des fluctuations. |
| Keywords: | capital-risque ; Etats-Unis ; capital-investissement ; capital-transmission ; cycle du capital-investissement ; investissement ; innovation ; financement en capitaux propres ; gestion de l'incertitude |
| Date: | 2007–03–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:papers:halshs-00135483_v1&r=ino |